Ripple’s XRP and Cardano Perform Well as Bitcoin Holds $93,000 Despite $400 Million in Liquidations

Ripple’s XRP, Cardano, and Dogecoin showed strong performance compared to Bitcoin onTuesday morning. Ripple saw significant gains of almost 40% in the last 24 hours, positioning itself as the third-largest cryptocurrency based on market capitalization.

XRP experienced an increase of around 10% within a day, reaching an intraday peak close to $2.41 before a slight decline. Similarly, Cardano and Dogecoin also showcased a notable performance, fueled by positive retail sentiments and increased discussions on Stocktwits.

The total market capitalization of cryptocurrencies rose to approximately $3.3 trillion, accompanied by roughly $410 million in liquidations. Notably, short positions constituted a significant portion of these liquidations.

XRP and Cardano emerged as top gainers within the top ten cryptocurrencies by market capitalization as Bitcoin remained above $93,000. XRP’s price surged by 10% to $2.35 within 24 hours, although it was still 35% below its previous peak of $3.65 recorded in July of the previous year. The token briefly touched $2.41 before undergoing a minor retracement. Predictions on Stocktwits indicated potential fluctuations in XRP’s price until regulatory clarity is achieved, with one user setting a target of $3.40 for the week.

Stocktwits trends indicated XRP as one of the most popular crypto tickers at the time of assessment. Overall, retail sentiment for XRP transitioned from ‘bullish’ to ‘extremely bullish,’ with ongoing discussions elevated to ‘extremely high’ levels.

In a similar trend, Cardano observed a price increase of 4.6% and was trading at approximately $0.418. Stocktwits sentiment reflected a positive shift from ‘bullish’ to ‘extremely bullish,’ while discussions remained at ‘high’ levels. Dogecoin also saw a rise of 2.6%, reaching $0.1506. Retail sentiment around the meme coin was notably bullish, with discussions trending in ‘extremely high’ territory.

Solana and Ethereum also experienced gains of 1.8% and 1.7%, respectively. Binance Coin moved 1% higher, settling around $911. On the other hand, Bitcoin’s price hovered around $93,530, registering a 0.7% increase within 24 hours. Retail sentiment for Bitcoin on Stocktwits leaned towards ‘extremely bullish,’ paired with heightened discussions.

Despite varying opinions on Bitcoin’s recent rally, with some like Peter Schiff dismissing it as “hype,” others such as MN Fund founder Michael van de Poppe expressed bullish sentiments. Van de Poppe suggested a potential short-term correction in Bitcoin’s price but forecasted a breakout towards $100,000 soon.

The cryptocurrency market as a whole witnessed a 1.3% increase, totaling around $3.3 trillion. Liquidations reached $410 million, with shorts accounting for $330 million of the forced unwinds. Bitcoin, Ethereum, and XRP were among the top liquidated assets, reflecting the prevailing market conditions.